Cullinan Therapeutics (NASDAQ:CGEM) Trading Up 11.5% - Here's Why

Key Points

• Cullinan Therapeutics' stock surged 11.5% during trading, reaching a high of $8.65, increasing from a previous close of $7.74.
• Analysts have given the stock a consensus rating of "Moderate Buy" with an average price target of $26.00, while some firms set targets as high as $32.00.
• Major shareholder Lynx1 Capital Management recently acquired 626,043 shares at $6.70 each, increasing their ownership by 8.19%.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) shares were up 11.5% during trading on Wednesday . The stock traded as high as $8.65 and last traded at $8.63. Approximately 1,341,379 shares were traded during mid-day trading, an increase of 3% from the average daily volume of 1,298,975 shares. The stock had previously closed at $7.74.

Analysts Set New Price Targets

Several research firms have issued reports on CGEM. HC Wainwright reissued a "buy" rating and set a $24.00 price target on shares of Cullinan Therapeutics in a report on Friday, September 12th. Zacks Research raised Cullinan Therapeutics from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 16th. BTIG Research reissued a "buy" rating and set a $32.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, September 10th. Morgan Stanley cut their price target on Cullinan Therapeutics from $35.00 to $28.00 and set an "overweight" rating for the company in a report on Monday, August 18th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Cullinan Therapeutics in a report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cullinan Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $26.00.

Cullinan Therapeutics Stock Up 11.5%

The company has a market cap of $509.77 million, a P/E ratio of -2.67 and a beta of -0.12. The firm has a 50 day moving average of $6.93 and a 200-day moving average of $7.61.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($1.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.83) by ($0.24). On average, research analysts predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In other news, major shareholder Lynx1 Capital Management Lp acquired 626,043 shares of the company's stock in a transaction that occurred on Thursday, October 9th. The shares were bought at an average price of $6.70 per share, with a total value of $4,194,488.10. Following the completion of the purchase, the insider directly owned 8,271,786 shares in the company, valued at $55,420,966.20. This trade represents a 8.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders purchased a total of 1,459,641 shares of company stock valued at $9,829,099 over the last quarter. 7.16% of the stock is owned by corporate insiders.

Institutional Trading of Cullinan Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. boosted its position in Cullinan Therapeutics by 1,665.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 177,685 shares of the company's stock valued at $1,054,000 after acquiring an additional 167,623 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Cullinan Therapeutics by 44.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company's stock valued at $62,000 after acquiring an additional 2,523 shares in the last quarter. Man Group plc bought a new stake in Cullinan Therapeutics during the 2nd quarter valued at $168,000. Massar Capital Management LP bought a new stake in Cullinan Therapeutics during the 2nd quarter valued at $101,000. Finally, Engineers Gate Manager LP bought a new stake in Cullinan Therapeutics during the 2nd quarter valued at $136,000. Institutional investors own 86.31% of the company's stock.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc, a biopharmaceutical company, focuses on developing oncology therapies for cancer patients in the United States. The company's lead program comprises CLN-619, a monoclonal antibody that is in Phase I clinical trial for the treatment of solid tumors. Its development portfolio also includes CLN-049, a humanized bispecific antibody that is in Phase I clinical trial for the treatment of acute myeloid leukemia or myelodysplastic syndrome; CLN-418, a human bispecific immune activator that is in Phase 1 clinical trial for the treatment of multiple solid tumors; and Zipalertinib, a bioavailable small-molecule for treating patients with non-small cell lung cancer.

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